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Investment Bank
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In second quarter 2004, the Investment Bank posted a pre-tax profit of CHF 923 million, down 8% from the same quarter last year. Revenues rose 5% compared to the same period a year earlier, driven by strong results from investment banking. Costs were affected by the civil penalty levied by the Federal Reserve Board relating to our banknote trading business and an increase in operational provisions. Pre-tax profit fell 45% from the record result reported in first quarter 2004, reflecting the increased general and administrative expenses, as well as reduced trading opportunities in less active markets.
| Quarter ended | % change from | Year to date | |||||
|---|---|---|---|---|---|---|---|
CHF million, except where indicated |
30.6. |
31.3. |
30.6. | 1Q04 | 2Q03 |
30.6. |
30.6. |
510 | 455 | 445 | 12 | 15 | 965 | 732 | |
Equities | 1,401 | 1,722 | 1,380 | (19) | 2 | 3,123 | 2,203 |
Fixed Income, Rates and Currencies | 1,999 | 2,595 | 2,020 | (23) | (1) | 4,594 | 4,202 |
52 | 165 | (57) | (68) |
| 217 | (132) | |
Income | 3,962 | 4,937 | 3,788 | (20) | 5 | 8,899 | 7,005 |
Adjusted expected credit loss 1 | (4) | 0 | (15) |
| 73 | (4) | (33) |
Total operating income | 3,958 | 4,937 | 3,773 | (20) | 5 | 8,895 | 6,972 |
Personnel expenses | 2,094 | 2,576 | 2,079 | (19) | 1 | 4,670 | 3,860 |
755 | 514 | 538 | 47 | 40 | 1,269 | 1,000 | |
Services to / from other business units | 50 | 50 | 31 | 0 | 61 | 100 | 76 |
Depreciation | 63 | 50 | 54 | 26 | 17 | 113 | 118 |
Amortization of goodwill and other intangible assets | 73 | 73 | 69 | 0 | 6 | 146 | 139 |
Total operating expenses | 3,035 | 3,263 | 2,771 | (7) | 10 | 6,298 | 5,193 |
Business Group performance before tax | 923 | 1,674 | 1,002 | (45) | (8) | 2,597 | 1,779 |
Business Group performance before tax | 996 | 1,747 | 1,071 | (43) | (7) | 2,743 | 1,918 |
KPIs | |||||||
Compensation ratio (%) 2 | 53 | 52 | 55 |
|
| 52 | 55 |
Cost / income ratio (%) 3 | 76.6 | 66.1 | 73.2 |
|
| 70.8 | 74.1 |
Cost / income ratio before goodwill (%) 4 | 74.8 | 64.6 | 71.3 |
|
| 69.1 | 72.1 |
Non-performing loans /gross loans (%) | 0.6 | 0.8 | 1.2 | ||||
Impaired loans /gross loans (%) | 1.0 | 1.3 | 2.0 | ||||
422 | 466 | 345 | (9) | 22 |
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| |
Private Equity | |||||||
Value creation (CHF billion) | 0.0 | 0.5 | (0.1) | (100) |
| 0.5 | (0.2) |
Investment (CHF billion) 5 | 2.2 | 2.3 | 3.0 | (4) | (27) | ||
Portfolio fair value (CHF billion) | 3.0 | 3.2 | 3.6 | (6) | (17) | ||
| Additional information | Quarter ended | % change from | Year to date | ||||
|---|---|---|---|---|---|---|---|
As at or for the period ended |
30.6. | 31.3. | 30.6. | 1Q04 | 2Q03 | 30.6. | 30.6. |
Client assets (CHF billion) | 142 | 152 | 129 | (7) | 10 | ||
Deferral (included in adjusted expected credit loss) | 19 | 20 | 4 | (5) | 375 | 39 | 13 |
Regulatory equity allocated (average) | 14,250 | 13,700 | 12,700 | 4 | 12 | ||
Headcount (full-time equivalents) | 15,551 | 15,439 | 15,374 | 1 | 1 | ||
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